Subsea 7 edges up on Brazil offshore contract

Bw Offshore

27/05/2022 09:06

** Shares in Subsea 7  SUBC.OL  rise nearly 2% following a
large order in Brazil  urn:newsml:reuters.com:*:nFWN2XI0XQ
    ** The Norwegian offshore service provider said on Thursday
it received a "major" contract, worth more than $750 million,
related to the Búzios 8 field offshore in Brazil 
    ** SEB says it believes the contract to be worth in excess
of $1.3 billion and will help order intake to exceed $5 billion
this year
    ** "We expect to see a significant increase in FIDs
throughout the year, with Subsea well placed for additional
contract awards," SEB says
    ** Citi says the contract will improve the company's
coverage for 2023 and beyond
    ** Despite the recent increase in the share price the shares
screen attractively versus its peers, the broker says
    ** On Friday, a survey by Norway's national statistics
office (SBB) showed that Norway's oil and gas companies have
raised their investment forecasts for 2022  urn:newsml:reuters.com:*:nL2N2XJ083
    ** Peer DOF  DOF.OL  rises more than 8% and BW Offshore
 BWO.OL  over 6% 

 (Reporting by Marie Mannes)
 ((Marie.mannes@thomsonreuters.com))